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Taxes - And Your Online Business: Basic Things You Need To Know
from:By Deb St. George, on Online Business Tax Basics in your Tax Preparation Guide From BusinessNewsDirectory.net
So you want to start your very own online business. Aside from having unlimited access to the Internet, you also need to be armed with adequate knowledge about taxes and your online business because without it, you will surely be at loss.
Online retailers, or more commonly known as e-tailers are not exempted from paying taxes, contrary to the common misconception of most people. E-tailers are still included in the rush for meeting the April 15 deadline for tax filings.
However, veteran e-tailers would say that the most difficult part for online business owners is navigating and complying with the confusing and complicated laws and conditions governing day to day sales taxes.
An Everyday Challenge If you are one e-tailer who would like to take your online business seriously, then you should be prepared to deal with the fact that handling and managing sales taxes is actually an everyday challenge.
The truth is, a lot of e-tailers are required by the government or their state to file and remit sales tax to states on either a monthly or regular interval. The basis for the filing of sales taxes would more or less depend on how much revenue you online business
generates.
Few Tips For E-tailers
It is very vital that you understand your responsibility for sales tax. You must also know that the idea that e-commerce companies are required to collect and remit sales tax in every state is one big myth.
You only have to pay sales tax if you have nexus in that certain state. If you are a neophyte in online business, perhaps you don’t have an idea what the word
nexus means, right?
Well, in online business jargon, nexus means a "connection". Put in application, making a sale in another state does not mean that you automatically have a sales tax obligation.
You have to put in mind that there are many rules and laws that you need to consider before you can determine whether or not you will need to pay for sales tax in a certain state.
When you create your very own nexus in a certain state, you are then required to calculate, collect, report and remit the sales that you make in that certain state every time you have a transaction there.
This is the reason why you are obliged to pay tax sales based on the location of your business.
However, you must also keep in mind that there are also other ways to create your very own nexus in a state. Aside from physical presence or structure of your business establishment in a certain state, you can also establish a nexus by having sales
representatives present in that state, tradeshows, mobile stores, etc.
Trying to make an online business work amidst the seemingly confusing and complicated rules that apply to different states can be quite impossible.
However, one must not lose hope; with the help of professionals in the legal field and certified public accountants, you will surely be enlightened as to what steps you should take for your online business to stabilize and prosper.
By being armed with the right knowledge about taxes and your online business will surely help you achieve success in the realm of online businesses.
Social Security Tax News
Republicans target child tax break for illegal immigrants - Fox News
 Kansas City Star | Republicans target child tax break for illegal immigrants Fox News The proposal, which would require people who claim the federal credit to have Social Security numbers to prove they're legal workers, is being offered as a way to help pay for extending the Social Security tax cut for most American wage-earners. GOP targets child tax break for illegal immigrants |
Social Security Tax Tips For Woodinville Residents - Patch.com
 Bradenton Herald | Social Security Tax Tips For Woodinville Residents Patch.com If you haven't filed your tax return yet, now is the time, here are tips from Social Security to make the task easier. By Kirk Larson Time goes by so quickly, it can be easy to forget important deadlines and even easier to let critical items fall ... Social Security chief visits Bradenton office, talks about efficiency |
Payroll tax break shows the need for real reform of Social Security - Merced Sun-Star
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IRS Tax Tip: Seven Tips to Help You Determine if Your Social Security Benefits ... - NJ TODAY
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Global Evidence on Taxes and Economic Growth: Payroll Taxes Have No Effect - Tax Foundation
 Reason Online | Global Evidence on Taxes and Economic Growth: Payroll Taxes Have No Effect Tax Foundation The original holiday lasted all of 2011 and reduced the employee share of Social Security payroll taxes from 6.2 percent to 4.2 percent. The two-month extension that passed in December reflects the difficultly in agreeing how to pay for a full-year ... On the Progressivity of the US Federal Tax System |
Stocks recover...Bernanke pushes to extend tax cuts...Medicare ruling - NECN
 Chicago Tribune | Stocks recover...Bernanke pushes to extend tax cuts...Medicare ruling NECN WASHINGTON (AP) — Federal Reserve chief Ben Bernanke says if the Bush-era tax cuts expire, it would slow economic growth next year. Speaking to a Senate panel today, he said the economy would also be hampered if a Social Security tax cut expires at ... Letter: Corker wrong about Medicare funding Bernanke Ducks the Fuzzy Math of Medicare |
With April 15 looming, watch out for tax fraud - WCNC
With April 15 looming, watch out for tax fraud WCNC That person's employer may report income earned by them to the IRS using your Social Security number, thus making it appear that you did not report all of your income on your tax return. When this occurs, you should contact the IRS to show that the ... |